ASX 200 Live Today - Wednesday, 9th July
The S&P/ASX 200 is set for a flattish start, mirroring an uneventful overnight session on Wall Street. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Wednesday, July 9. We’re excited to be trialing this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
ASX 200 lower suffers worst day in nine weeks
[4:53 pm] A pretty heavy and weak session for the local sharemarket (XJO -0.61%) it feels like today's weakness was just an extension of yesterday's unexpected RBA hold. You can check out today's full run down via the Evening Wrap.
Bega to shut down peanut business
[3:25 pm] Bega to shut down Peanut Company of Australia (PCA) after failing to find a buyer following a 12-month strategic review
Facilities in Kingaroy and Tolga to close over 18 months, affecting around 150 employees.
PCA has been losing $5–10M annually, which will cease post-shutdown. One-off shutdown costs expected at $5–10M, mainly due to redundancies.
Uranium stocks sink
[1:57 pm] Uranium stocks are trading broadly lower, with large cap names like Boss Energy, Paladin Energy and Deep Yellow down around 7-8%.
Most names opened around 2-3% lower and spent most of the session trending lower.
Boss is now trading at its lowest level since 23 May, and down 21% in the last seven sessions.
Commodities check in
[1:53 pm] A relatively quiet session so far for key commodities, with copper extending gains.
Commodity | % Chg | Price |
|---|---|---|
Copper (CFDs, US$/lb) | +3.6% | US$5.71 |
WTI crude (US$/bbl) | +0.13% | US$68.22 |
Aluminium (US$/t) | -0.14% | US$2,566.1 |
Gold (US$/oz) | -0.22% | US$3,294 |
Singapore iron ore futures (US$/t) | -0.26% | US$95.45 |
Silver (US$/oz) | -0.51% | US$36.56 |
Telix rallies on HCPCS code grant
[12:05 pm] Telix's Gozellix product has been granted HCPCS code by the US Centers for Medicare.
The HCPCS Level II code (A9616) means insurers in the US will be able to process and reimburse claims for Gozellix, making it easier for providers to offer and bill for the drug.
Effective from 1 October 2025, this coding milestone clears a key administrative hurdle for adoption, which is crucial for sales and market penetration in the US.
Gozellix is an agent used in imaging to detect prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer. The product has a current US addressable market of $2.5 billion, according to Telix.
The announcement was released to market at 11:41 am.
Gold stocks smashed
[11:35 am] Gold miners are trading broadly lower at noon after prices slumped 1.0% overnight to US$3,3305 an ounce. Here are some of the top large cap losers at noon.
Ticker | Company | % Chg | Price |
|---|---|---|---|
EVN | Evolution Mining | -7.65% | $7.24 |
GMD | Genesis Minerals | -6.31% | $4.01 |
WGX | Westgold Resources | -6.12% | $2.69 |
RMS | Ramelius Resources | -5.87% | $2.33 |
NEM | Newmont Corporation | -5.07% | $87.79 |
EMR | Emerald Resources | -4.83% | $3.74 |
WAF | West African Resources | -4.77% | $2.30 |
SPR | Spartan Resources | -4.77% | $1.86 |
VAU | Vault Minerals | -4.34% | $0.40 |
RRL | Regis Resources | -4.28% | $4.37 |
CMM | Capricorn Metals | -4.15% | $9.25 |
NST | Northern Star Resources | -3.75% | $16.31 |
PRU | Perseus Mining | -2.12% | $3.46 |
GOR | Gold Road Resources | -1.09% | $3.18 |
Small caps making moves
[11:00 am] Here are the top small caps ($200m to $1bn market cap) gainers and losers in early trade.
Ticker | Company | % Chg | Price |
|---|---|---|---|
BOT | Botanix Pharmaceuticals | 8.28% | $0.16 |
AVH | Avita Medical | 8.21% | $1.78 |
SM1 | Synlait Milk | 7.96% | $0.61 |
PLL | Piedmont Lithium | 6.25% | $0.10 |
MLX | Metals X | 5.22% | $0.61 |
EOS | Electro Optic Systems | 5.17% | $2.85 |
CXO | Core Lithium | 4.76% | $0.11 |
VSL | Vulcan Steel | 4.05% | $6.43 |
FND | Findi | 3.87% | $4.03 |
PSQ | Pacific Smiles Group | 3.82% | $1.77 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
LIC | Lifestyle Communities | -29.55% | $4.96 |
DTR | Dateline Resources | -12.38% | $0.09 |
AZY | Antipa Minerals | -10.00% | $0.54 |
TCG | Turaco Gold | -8.16% | $0.45 |
RXL | Rox Resources | -7.54% | $0.28 |
BC8 | Black Cat Syndicate | -7.23% | $0.77 |
SVL | Silver Mines | -6.40% | $0.12 |
CGS | Cogstate | -5.75% | $1.64 |
WC8 | Wildcat Resources | -5.71% | $0.17 |
FFM | Firefly Metals | -5.70% | $1.08 |
ASX 200 lower amid broad weakness
[10:56 am] The S&P/ASX 200 is currently down 0.50%, with nine out of 11 sectors trading lower. Key downward drivers include:
Trump vowed to push forward with his reciprocal tariff regime, saying that he would offer no additional delays on country-specific tariffs after 1 August.
The market continues to digest the RBA's unexpectedly rate pause. Money markets had priced in around a 90% likelihood of a 25 bp cut.
The Aussie 10-year yield has gained 10 bps since Tuesday's 2:00 pm rate decision, currently at a one-month high of 4.33% (and likely weighing rate sensitive sectors like Real Estate)
Australia government 10-year bond yield daily chart (Source: TradingView)
Top gainers and losers in early trade
[10:31 am] Here are the top S&P/ASX 200 gainers and losers in early trade.
Ticker | Company | % Chg | Price |
|---|---|---|---|
LTR | Liontown Resources | 4.93% | $0.75 |
MCY | Mercury Nz | 3.60% | $5.75 |
PLS | Pilbara Minerals | 3.38% | $1.53 |
MEZ | Meridian Energy | 2.22% | $5.53 |
MIN | Mineral Resources | 2.09% | $24.72 |
ALD | Ampol | 1.88% | $25.95 |
DNL | Dyno Nobel | 1.81% | $2.81 |
IGO | IGO | 1.74% | $4.39 |
AAI | Alcoa Corporation | 1.57% | $46.65 |
ORI | Orica | 1.46% | $20.11 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
EVN | Evolution Mining | -7.65% | $7.24 |
GMD | Genesis Minerals | -5.61% | $4.04 |
WGX | Westgold Resources | -5.59% | $2.70 |
BOE | Boss Energy | -5.30% | $3.75 |
RMS | Ramelius Resources | -5.26% | $2.34 |
CMM | Capricorn Metals | -5.18% | $9.15 |
RRL | Regis Resources | -5.15% | $4.33 |
NEM | Newmont Corporation | -4.99% | $87.86 |
SPR | Spartan Resources | -4.62% | $1.86 |
SFR | Sandfire Resources | -4.58% | $11.05 |
Copper stocks open sharply lower
[10:27 am] Copper stocks opened sharply lower amid concerns that Trump’s proposed 50% tariff on copper imports could dampen US demand and disrupt global trade flows.
Local names like Sandfire, 29Metals and Hot Chill are all down around 4-5% at the time of writing.
Sandfire shares tumbled as much as 11% in the first five minutes of trade.
Sandfire Resources intraday price chart (Source: TradingView)
Lifestyle Communities dives 40pc
[10:09 am] Lifestyles Communities shares opened 40% lower on Tuesday after the company issued a fourth quarter trading and VCAT update.
Q4 settlements weakened, with new home settlements of 268 (vs. 311 a year ago) and established home settlements of 118 (vs. 151 a year ago)
Q4 net sales of 48 (deposits) vs. 65 a year ago
Closing balance of drawn debt of $463 million
Justice Woodward ruled the DMF clause in some RSAs is void and unenforceable. For context:
Operators like Lifestyle Communities charge a deferred management fee (DMF) for when a resident exits a community (e.g. sells of vacates their home). This is calculated as a percentage of the resale price of entry price.
The VCAT outcome suggests the DMF clause in some of its residential site agreements are void and not legally enforceable.
Source: ASX Announcement | Company page: Lifestyle Communities (LIC)
Lithium stocks to rise
[9:42 am] Very strong overnight session for all-things lithium. The US-listed VanEck Rare Earth and Strategic Metals ETF rallied 4.8% to close at its highest level since March.
This ETF is a useful barometer for the lithium and rare earth sector, as its top ten holdings includes heavyweight names like Albemarle, Pilbara Minerals, Ganfeng, MP Materials and Lynas.
Chinese lithium carbonate futures have also started to push two-month highs of 63,880 yuan a tonne, up from mid-June lows of 58,400 yuan a tonne.
The overnight momentum should translate into positive flows for names like Pilbara Minerals, MinRes and Liontown Resources.
GQG Partners reports June FUM
[9:32 am] GQG Partners reported a 2.3% month-on-month increase in funds under management to US$172.4 billion as at 30 June 2025 (vs. $168.5bn).
"As at 30 June 2025, our net flows year to date were US$8.0 billion as compared to US$11.1 billion for the same period in 2024," the company said in a statement, also noting that "While Q2 net flows were strong, we also recognise that relative underperformance can be a headwind to future net flows."
Not sure if the closing FUM figure of US$172.4 billion is comparable to UBS expectations of $180.4 billion for FY25-end.
Source: ASX Announcement | Company page: GQG Partners (GQG)
Gold miners to tumble
[9:24 am] Local gold names are set for a heavy session after gold prices eased 1.0% overnight to US$3,303 an ounce.
The pullback in gold prices drove an outsized move for gold miners, with the VanEck Gold Miners ETF (GDX) down 4.4% overnight to a near one-month low.
Large cap names like Newmont and Barrick mirrored the declines, down 4.2% and 4.0% respectively overnight.
Copper miners fail to mirror gains
[9:21 am] The NYSE-listed Global X Copper Miners ETF (COPX) finished the overnight session up just 0.7%, down from session highs of 3.2%.
This ETF is a useful barometer for copper miners. Its top holdings include names like First Quantum, Lundin Mining Corp and Freeport-McMoran.
The lack of upside for copper miners may suggest they don't believe spot prices will hold these record levels.
It'll be interesting to see how local names like Sandfire Resources, 29Metals, Aeris Resources and Capstone Copper trade today.
Copper prices hit record highs
[9:12 am] Copper prices exploded after Trump said he will impose a 50% tariff on copper imports. Though he did not specifically mention when the tariff was going take effect. The US imports almost half of the copper it uses.
Copper prices spiked as much as 17% to US$5.87/lb, and closed the overnight session 9.9% higher to US$5.55/lb.
Copper CFDs, intraday price chart (Source: TradingView)
US earnings season kicks off next week
[9:05 am] US Q2 earnings season kicks off next week, and the market is expecting S&P 500 earnings growth to decelerate to 5.0% year-on-year in Q2, down from 13.3% in Q1. This would mark the lowest rate of growth since the fourth quarter of 2023.
Here are some key takeaways from FactSet:
Revenue growth easing: Q2 revenue expected to increase 4.2%, down from 4.9% in Q1
Margins under pressure: Net profit margin forecast to fall to 12.3% from 12.7% in Q1
Worse than historical trend: EPS cut exceeds 5-, 10- and 15-year average declines of ~3%
Mixed sector performance: Six of eleven sectors expected to post earnings growth
Tech and Communications strong: These sectors lead gains, with semiconductors the standout
Energy weighs on growth: Sector is the biggest drag due to commodity price weakness
Outlook more upbeat: Q3 earnings forecast to rise 7.3% y/y, Q4 up 6.4%
2025 guidance solid: Full-year earnings expected to grow 9.1%
Goldman Sachs raises S&P 500 target for a second time since May
[8:58 am] Goldman Sachs increased the 12-month S&P 500 forecast to 6,900 from 6,500 and the year-end target to 6,600 from 6,100, implying a ~5.9% rise by December.
The anticipation of earlier Federal Reserve interest rate cuts supports the bullish outlook, further supported by a lower yield backdrop and strong performance from large-cap US companies.
Source: Bloomberg
Bank of America lifts S&P 500 target
[8:55 am] Bank of America strategists raised the year-end S&P 500 target to 6,300 from 5,600, with a 12-month target of 6,600, implying a 1.1% upside from Monday’s close. A few key takeaways from the report include:
Corporate resilience: Corporate America maintained earnings guidance despite Trump’s trade policy uncertainty, with profit forecasts intact.
Low earnings uncertainty: Estimate dispersion for earnings per share is near pandemic-era lows, indicating high corporate transparency.
Short-term outlook tepid: Limited catalysts for continued strong gains in Q3, with a “tepid to cool” short-term outlook.
Long-term optimism: Medium-to-long-term outlook is “warm” for stocks, “hot” compared to bonds, driven by aging demographics and sticky inflation favoring equities.
Source: Bloomberg
What's driving stocks?
[8:45 am] A relatively flat overnight session, with no major directional drivers in play.
Russell 2000 (+0.66%), Nasdaq (+0.03%), S&P 500 (-0.07%), Dow (-0.37%)
White House signalled more deal announcements in the coming days as the reciprocal tariff deadline was pushed back to 1 August
Trump tried to dent the TACO meme (which stands for Trump Always Chickens Out), by saying the new deadline won't be extended
Several investment banks upgraded their S&P 500 targets, citing earlier and deeper Fed easing, corporate strength
Good morning!
[8:35 am] S&P/ASX 200 futures are currently down 7pts (-0.08%), mirroring a flattish overnight session where the S&P 500 ticked 0.07% lower.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
